212 S Norma Dr · Lacy-Lakeview, TX 76705

$189,000

3 bd · 1.5 ba · 1,736 sqft · SingleFamily public records · 9 Days on market

Built 1963 0.29 ac lot Est $304k · 38% under

---

Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +12.6/30.0
• 1% rule +4.1/10.0
• DSCR +3.8/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Key facts

• 0.29 acre lot
• 2 parking spots
• Built 1963

Property features AI

Finance

• Other: Property on 0.287-acre lot; Subdivision: Northdale
• Financial info: No second mortgage reported
• HOA & community: No association

Exterior

• Parking: Covered carport for 2 vehicles; Concrete parking surfaces
• Utilities: City water; City sewer; Cable available; Municipal utility district not present
• Home design: Single-family residence; One story; Residential property
• Construction: Built in 1963
• Exterior features: Corner lot; Asphalt on site

Interior

• Kitchen: Gas cooktop; Gas oven
• Bedrooms: 4 bedrooms (all on the main level); Primary bedroom (12 x 14); Second primary bedroom (12 x 10); Additional bedroom (12 x 10); Bonus room (10 x 12)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Cable TV available; Pantry; One living area; One dining area; 5 total rooms
• Laundry & utility: No specific laundry details listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-23 ($-278/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (9.2% below list).
• Recommended offer: $172k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 5.1% in Lacy-Lakeview — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Connally ISD (suburban): math 16% / reading 25% proficiency, ranked #781 of 826 in TX (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Connally El (math 13% / reading 22%, grade F, #3,805 of 4,322 statewide, top 89%, 374 students, 87% FRL) — zoned schools average 87% FRL vs 68% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.2%/yr); 297 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,014 units permitted in McLennan County in 2024 (200 in 5+ unit buildings).
• This rent runs 35% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• McLennan County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,689 (9.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $303,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1203 Avenue B	0.06mi	3/2.0	1,885 (+9%)	8mo	$385,000	$204	75
400 N Walnut St	0.20mi	3/2.0	1,656 (-5%)	9mo	$289,000	$175	74
322 N Lakeview Dr	0.40mi	3/3.0	1,720 (-1%)	4mo	$136,900	$80	70
200 S Patricia St	0.17mi	3/2.0	1,563 (-10%)	8mo	$99,000	$63	67
210 Susanna St	0.10mi	3/2.0	1,504 (-13%)	9mo	$145,000	$96	63
409 Conway St	0.29mi	3/2.0	1,486 (-14%)	1mo	$309,900	$209	60
410 Conway St	0.29mi	3/2.0	1,486 (-14%)	1mo	$306,900	$207	59
103 Spring Lake Dr	0.50mi	3/2.0	1,605 (-8%)	4mo	$324,999	$202	58
200 Brenda St	0.37mi	3/2.0	1,496 (-14%)	1mo	$235,000	$157	57
1009 Hooks Ave	0.37mi	4/2.0 (+1)	1,581 (-9%)	9mo	$319,000	$202	53
700 N Scarlett Dr	0.41mi	4/3.0 (+1)	1,850 (+7%)	9mo	$155,000	$84	51
1005 E Craven Ave	0.50mi	4/2.0 (+1)	1,528 (-12%)	2mo	$216,900	$142	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.2% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-33,403
• Equity at exit: $28,181

10-year hold

• IRR: -11.9%
• Equity multiple: 0.32×
• Total profit: $-36,236
• Equity at exit: $16,341

Cash invested: $52,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 76705

• Home prices YoY: -29.6%
• Rents YoY: 2.2%
• Active inventory: 297
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,717 high
• Mortgage (P&I): −$991
• Tax from tax record: −$310 /mo · $3,716/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-23

Break-even live

Break-even rent $1,746

Max offer price $184,904

Occupancy floor 96%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
209 S Rita St Waco, TX	3.0	2.0	1692	$1,575	$0.93	13d	1	0.13mi
326 S Barbara St Waco, TX	3.0	2.0	1722	$2,300	$1.34	13d	1	0.23mi
129 N Lakeview Dr Waco, TX	3.0	2.0	1207	$3,750	$3.11	44d	1	0.53mi
229 E Craven Ave Waco, TX	3.0	2.0	1052	$1,325	$1.26	44d	1	0.87mi
225 E Craven Ave Waco, TX	3.0	2.0	1052	$1,400	$1.33	44d	1	0.88mi
305 Shirley Dr Lacy Lakeview, TX	3.0	2.0	1100	$1,525	$1.39	13d	1	0.92mi
218 Avenue F Waco, TX	3.0	2.0	1332	$1,600	$1.20	44d	1	0.95mi
4509 Rocking K Dr Waco, TX	3.0	2.0	1298	$1,699	$1.31	13d	1	1.07mi
109 E Frost St Waco, TX	3.0	2.0	1338	$2,200	$1.64	13d	1	1.08mi

Listing history 7 events

1. 2026-06-18
   days on market $189,000 Active 9 DOM
2. 2026-06-17
   days on market $189,000 Active 8 DOM
3. 2026-06-16
   days on market $189,000 Active 7 DOM
4. 2026-06-15
   days on market $189,000 Active 6 DOM
5. 2026-06-14
   days on market $189,000 Active 4 DOM
6. 2026-06-13
   days on market $189,000 Active 3 DOM
7. 2026-06-10
   listed $189,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $3,716 · $310/mo
• Projected year-2 tax: $3,716 · $310/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,603
• − Mortgage interest: −$10,587
• − Property taxes: −$3,716
• − Insurance: −$945
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$5,498
• Taxable loss: −$3,440
• Est. tax savings @ 24.0%: +$826
• After-tax cash flow: $547/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Connally ISD
• NCES district ID: 4814970
• Math proficiency: 16% ▼ -10.00%
• Reading proficiency: 25% ▼ -5.00%
• Median HH income: $35,388
• Composite: 16.9/100
• National rank: #9141
• State rank: #781 of 826 in TX

Livability — Lacy-Lakeview

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Lacy-Lakeview, TX
• County: McLennan County · 213,088 people
• City population: 31,616
• Metro: Waco, TX
• Population (ZIP): 31,616
• Household income: $58,236
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 668.0

Population outlook (McLennan County) Hauer SSP2

• Today (2025): 264,191 people
• By 2030: 273,578 · +3.6%
• By 2040: 291,506 · +10.3%
• By 2050: 308,044 · +16.6%
• By 2075: 349,648 · +32.3%
• By 2100: 364,779 · +38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 43% Hispanic / Latino 32% Two or more races 20% Black 18% Native American 1% Asian 1%
• Hispanic origin (detail): Mexican 31%
• Common ancestry: Slovak 2% Lithuanian 1% Serbian 1%
• Foreign-born: 13% · Canada, Vietnam
• Languages at home: 73% English-only · Spanish 24% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · McLennan

• 2024 margin: Solid R (+30.9) · D 34.0% · R 64.9% · Other 1.0%
• 2008→2024 swing: -7.0pp toward R · 2008: -23.9pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+23.4 2016: R+27.1 2012: R+29.8 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.45%
• Current HPI: 217.9429
• Rent YoY: ▲ 2.20%
• Metro: Waco, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

1 event — show timeline

• 2026-06-09 Listed $189,000 NTREIS

Property tax history

+5.8%/yr

Latest (2025): $3,716 · +10.9% YoY. Source: county tax records.